SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: September 12, 2006
FIRST FINANCIAL BANCORP.
(Exact name of registrant as specified in its charter)
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| Ohio
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0-12379
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31-1042001 |
(State or other jurisdiction
of incorporation)
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(Commission File
Number)
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(IRS Employer
Identification No.) |
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300 High Street
Hamilton, Ohio
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45011 |
(Address of principal
executive offices)
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(Zip Code) |
Registrant’s telephone number, including area code: (513) 867-5447
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Form 8-K
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First Financial Bancorp. |
Item 2.02 Results of Operations and Financial Condition.
First Financial Bank, N.A., a wholly-owned subsidiary of First Financial Bancorp., completed
the sale of 95 problem credits as part of its previously announced strategy to reduce overall
credit risk in the loan portfolio. The sale involved approximately $29.5 million in primarily
substandard commercial and commercial real estate loans that were transferred to loans held for
sale at the lower of cost or estimated fair value of $21.4 million. The loans were purchased by
four independent parties in separate transactions for a combined price of $23.9 million. First
Financial also intends to sell a single pool of approximately $8.9 million in substandard
residential retail real estate loans as previously announced by the end of September, 2006.
The estimated pre-tax gain for all transactions is expected to be approximately $2.5 million or
$0.04 per share after-tax.
The Loan Portfolio Sales Group of Keefe, Bruyette and Woods, Inc. assisted First Financial in the
loan sales.